COUNCIL MEM - Watertown, NY

issued will be reduced by the amount of any State or Federal aid or any other revenue received
by the City from other sources for such class of objects or purposes.
Section 3. It is hereby determined that the period of probable usefulness of the aforesaid
specific object or purpose is fifteen years, pursuant to subdivision ninety-one of paragraph a of
Section 11.00 of the Local Finance Law, as each component thereof can be assigned a period of
probable usefulness of at least fifteen years under one or more of subdivisions one, three, four,
twenty or thirty-five of said paragraph a, calculated from May 27, 2004, the date of the first
obligations issued for such purpose.
Section 4. Subject to the provisions of the Local Finance Law, the power to authorize the
issuance of and to sell bond anticipation notes in anticipation of the issuance and sale of the
bonds herein authorized, including renewals of such notes, is hereby delegated to the City
Comptroller, the chief fiscal officer. Such notes shall be of such terms, form and contents, and
shall be sold in such manner, as may be prescribed by said City Comptroller, consistent with the
provisions of the Local Finance Law.
Section 5. The faith and credit of said City of Watertown, Jefferson County, New York, are
hereby irrevocably pledged for the payment of the principal of and interest on such obligations as
the same respectively become due and payable. An annual appropriation shall be made in each
year sufficient to pay the principal of and interest on such obligations becoming due and payable
in such year. There shall annually be levied on all the taxable real property of said City, a tax
sufficient to pay the principal of and interest on such obligations as the same become due and
payable.
Section 6. Such bonds shall be in fully registered form and shall be signed in the name of the
City of Watertown, Jefferson County, New York, by the manual or facsimile signature of the
City Comptroller and a facsimile of its corporate seal shall be imprinted thereon and may be
attested by the manual or facsimile signature of the City Clerk.
Section 7. The powers and duties of advertising such bonds for sale, conducting the sale and
awarding the bonds, are hereby delegated to the City Comptroller, who shall advertise such
bonds for sale, conduct the sale, and award the bonds in such manner as he shall deem best for
the interests of the City, provided, however, that in the exercise of these delegated powers, he
shall comply fully with the provisions of the Local Finance Law and any order or rule of the
State Comptroller applicable to the sale of municipal bonds. The receipt of the City Comptroller
shall be a full acquittance to the purchaser of such bonds, who shall not be obliged to see to the
application of the purchase money.
Section 8. All other matters, except as provided herein relating to such bonds, including
determining whether to issue such bonds having substantially level or declining annual debt
service and all matters related thereto, prescribing whether manual or facsimile signatures shall
appear on said bonds, prescribing the method for the recording of ownership of said bonds,
appointing the fiscal agent or agents for said bonds, providing for the printing and delivery of
said bonds (and if said bonds are to be executed in the name of the City by the facsimile
signature of the City Comptroller, providing for the manual countersignature of a fiscal agent or
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